News

ConvaTec successfully listed on the London Stock Exchange

October 26 2016

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RELEASE

This press release does not contain or constitute an offer
of, or the solicitation of an offer to buy, shares to any person in
the United States, Australia, Canada or Japan or in any
jurisdiction to whom or in which such offer or solicitation is
unlawful. The shares referred to herein may not be offered or sold,
directly or indirectly, in the United States unless registered
under the US Securities Act of 1933, as amended (the "Securities
Act") or offered in a transaction exempt from, or not subject to,
the registration requirements of the Securities Act. The offer and
sale of shares referred to herein has not been and will not be
registered under the Securities Act or under the applicable
securities laws of Australia, Canada or Japan. Subject to certain
exceptions, the shares referred to herein may not be offered or
sold in Australia, Canada or Japan or to, or for the account or
benefit of, any national, resident or citizen of Australia, Canada
or Japan. There will be no public offer of the shares in the United
States, Australia, Canada or Japan or elsewhere.

Medical products and technologies group ConvaTec Group
Plc ("ConvaTec") has today announced the successful listing of its
shares on the London Stock Exchange. The company saw strong demand
for its shares from a broad global investor base and the offering
was substantially oversubscribed. The market capitalisation of
ConvaTec based on the IPO price of 2.25 GBP per share is
approximately GBP 4.4 billion. Nordic Capital Funds VI and VII will
remain significant shareholders in the listed company.

Nordic Capital Funds VI and VII acquired a majority shareholding
in ConvaTec from Bristol Myers Squibb in August 2008. Under Nordic
Capital's ownership, the company has grown to become one of the
leading medical technology companies globally, with a strong focus
on structurally growing chronic care markets and sales to patients
and healthcare professionals in more than 100 countries.

During Nordic Capital's ownership, the company has benefited
from ongoing operational improvements, organic growth and
complementary acquisitions. Key acquisitions include Unomedical, a
leading manufacturer of single-use medical devices based in
Copenhagen, which was also backed by Nordic Capital; and 180
Medical, through which ConvaTec distributes intermittent urological
catheters directly to patients in the United States. Since Nordic
Capital's initial investment in 2008, ConvaTec's number of
employees has almost trebled and the company now employs circa
9,000 people.

In the year ended December 31, 2015, ConvaTec generated revenue
of USD 1,650 million. ConvaTec has delivered accelerating constant
currency revenue growth in 2015 and H1 2016, with revenue growth on
a fixed currency basis of 4.4% year-on-year in 2015 and 5.1% in the
six months ended June 30, 2016 as compared to the six months ended
June 30, 2015.

Raj Shah, Partner, NC Advisory (UK) LLP, advisor to the Nordic
Capital Funds, commented:"ConvaTec's successful listing on the
London Stock Exchange is a testament to the strength of the company
as one of the leading medical technology businesses globally.
Nordic Capital has worked in close partnership with the company's
management team since ConvaTec's carve out from Bristol Myers
Squibb to help revitalise and grow the business across its four
leading chronic care franchises. Given the continuing momentum in
the business, it is the right time to bring ConvaTec to the public
market."

Kristoffer Melinder, Managing Partner, NC Advisory AB, advisor
to the Nordic Capital Funds, commented:"Today's announcement
reinforces Nordic Capital's enviable track record of acting as a
strong private equity partner for corporates as well as developing
globally leading healthcare companies and successfully bringing
these companies to the public market. Nordic Capital is one of the
most active private equity players in the Nordic markets, having
completed eight successful IPOs and a large number of trade sales
in the last five years. Nordic Capital's IPOs have performed well
on the stock markets, delivering both an absolute and relative
outperformance in the long and short term."

Nordic Capital has been instrumental in strengthening the Board
of ConvaTec in connection with the listing. Sir Christopher Gent,
ex-CEO of Vodafone and ex-Chairman of GlaxoSmithKline, has been
appointed as Non-Executive Chairman of ConvaTec following admission
to the London Stock Exchange. In addition, Steve Holliday (former
CEO of National Grid and Non-Executive Director of Marks &
Spencer), Jesper Ovesen (former Executive Chairman of Nokia Siemens
Networks) and Rick Anderson (Managing Director of PTV Healthcare
Capital and former Group Chairman of Johnson & Johnson), will
be appointed as Independent Non-Executive Directors following
admission, with Steve Holliday serving as Deputy Chairman. Raj Shah
from NC Advisory (UK) LLP and Thomas Vetander from NC Advisory AB,
advisors to the Nordic Capital Funds, will continue to serve on the
Board.

- Ends -

Full details of the Offer will be included in the Prospectus, to
be published later today and available on ConvaTec's website at www.convatecgroup.com

Key details from the Offer Price
Announcement:

Based on the offer price, the total market capitalisation of
ConvaTec at the commencement of conditional dealings will be
approximately GBP 4.4 billion. ConvaTec will receive gross
proceeds of GBP 1.465 billion from the offer, which will be
primarily used to repay debt. Following the IPO, Nordic
Capital Fund VI and VII together with associated co-investment
vehicles will together hold approximately 45% of the shares in
ConvaTec, assuming no exercise of the overallotment option and
approximately 42% of the shares assuming the overallotment option
is exercised in full. Nordic Capital's lock-up period for its
remaining shares is 180 days.

Admission to trading on the Main Market for listed securities of
the London Stock Exchange is expected to take place at 8.00am on
Monday October 31, 2016.

Across its operations as a developer, manufacturer and marketer
of innovative medical products, ConvaTec has leading positions in
large and structurally growing markets. ConvaTec focuses on
therapies for the management of chronic conditions. Its four
franchises provide products used for advanced chronic and acute
wound care, ostomy care, continence and critical care, and infusion
devices used in the treatment of diabetes and other conditions.

ConvaTec's markets are expected to exhibit growth of around 4-6%
per annum driven by an ageing global population, an increase in the
prevalence of chronic conditions and increased life expectancy of
patients suffering from these conditions. In 2015 ConvaTec
generated more than 75% of its revenue from products used by
patients with chronic care conditions. Since the treatment of these
conditions is non-discretionary, the Group's revenue is largely
non-cyclical. ConvaTec also benefits from geographic
diversification in its business, selling its products in more than
100 countries globally.

Since it was founded in 1978, ConvaTec has developed a track
record of industry-leading innovation, and today has a growing
product pipeline derived from core competencies which drive
innovation across the Group's franchises. Underlying its strong
brands and product offering, the Group has over 230 active patent
families and more than 2,000 patents and patent applications
globally. Expansion prospects are based around launching new
innovative products and technologies; entering new large markets
with high growth potential and investing in the Company's
direct-to-consumer offerings to deepen engagement with patients.
For further information please see www.convatecgroup.com

About Nordic Capital

Nordic Capital private equity funds have invested in mid-market
companies primarily in the Nordic region since 1989. Through
committed ownership and by targeting strategic development and
operational improvements, Nordic Capital enables value creation in
its investments. Nordic Capital Funds invest in companies in
northern Europe and in selected investment opportunities
internationally. The most recent fund is Nordic Capital Fund
VIII with EUR 3.5 billion in committed capital, principally
provided by international institutional investors such as pension
funds. Nordic Capital Funds are based in Jersey, Channel Islands,
and are advised by the NC Advisory companies in Sweden, Denmark,
Finland, Norway, Germany and the UK. For further information about
Nordic Capital please see www.nordiccapital.com